Mila is looking to take out a mortgage for $730, 000 from a bank offering a monthlyinterest rate of o.325%. Using the formula below, determine her monthly payment, tothe nearest dollar, if the loan is taken over 20 years.Pr(1+r)"(1+r)" - 1M=M=the monthly paymentP=the amount borrowedr=the interest rate per month= the number of paymentsSubmitAnswerAnswer

from the question, we have the formula M=Pr(1+r)n(1+r)n-1 (1) where P is the amount…

Mila is looking to take out a mortgage for $730, 000 from a bank offering a monthly interest rate of o.325%. Using the formula below, determine her monthly payment, i the nearest dollar, if the loan is taken over 20 years. Pr(1+r)" (1+r)" M=the monthly payment P=the amount borrowed the interest rate per month %3D

Mila is looking to take out a mortgage for $730, 000 from a bank offering a monthly interest rate of o.325%. Using the formula below, determine her monthly payment, i the nearest dollar, if the loan is taken over 20 years. Pr(1+r)" (1+r)" M=the monthly payment P=the amount borrowed the interest rate per month %3D

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter9: Sequences, Probability And Counting Theory

Section9.4: Series And Their Notations

Problem 57SE: Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what...

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